Germany assumed the rotating presidency of the Council of the EU, i.e., the EU legislature’s upper chamber on July 1, 2020, before handing over to Portugal in January 2021. Germany has held this position many times before
On 23 June 2020, the FCA published its long-awaited Discussion Paper on a new prudential regime for MiFID investment firms, to be based on the EU Investment Firms Directive and Regulation (“IFD” and “IFR” respectively), which are
Many businesses have been unable to access government-backed pandemic loans because they have failed the “undertaking in difficulty” test. That hurdle was not set by the government, but by Brussels as part of its state aid framework.
The consideration of culture and conduct risk has become the new normal. The detail of culture and conduct risk expectations are not set out in a rulebook but have been articulated in speeches and are inherent in
Recent regulatory developments of interest to all financial institutions. Includes updates on COVID-19, FCA guidance on assessing adequate financial resources, and European Commission draft legislation incorporating sustainability considerations into existing frameworks. Contents Brexit: HM Treasury response to
EU and UK draft Free Trade Agreement On 19 May 2020, the UK Government published a draft UK-EU Free Trade Agreement (the Draft Agreement), which forms the basis for discussions and negotiations with the EU on a